HNB Assurance PLC, the insurance arm of Hatton National Bank, saw its net profit surging 29 percent Yearon-Year to Rs.106.6 million for the six months ending June 30, 2013 (1H13).
The gross written premium rose 15 percent YoY during the period under review.
The net earned premium stood at Rs.1.5 billion, up 16 percent YoY. The Life insurance segment’s GWP grew 29 percent YoY to Rs.892.2 million while the Life segment’s GWP improved 5 percent YoY to Rs.926.4 million.
Investment income increased 32 percent YoY to Rs.387.4 million. Earnings per Share improved to Rs.2.10 from Rs.1.70.
“These results are impressive not only because of the strong growth rates, but also because this marks the first instance the Company surpassing the Rs.100 million mark in posttax profits during the first half of a financial year,” a statement issued by the company said.
HNB Assurance bears a national long-term rating and an insurer financial strength rating of ‘ A (lka)’ with a stable outlook, as affirmed by Fitch Ratings Lanka Ltd in 2013.
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